According to Alfred Kelly, the executive director of Visa, cryptocurrencies could become mainstream in the near future
Visa chief Alfred Kelly believes crypto assets could be widespread in the next five years. He seemed to have a high regard for cryptocurrencies when he made the remarks that appear to contradict his stance on the same issue in January.
The Visa manager spoke vaguely about cryptocurrencies earlier this year when the multinational financial services firm announced its quarterly results. Kelly, who has led the company for over three years, has not reported any upcoming or planned projects with digital assets.
He now admits that crypto may turn out to be established or a short-lived insanity.
“The thing about our business that I really like is […] that we don’t pick winners and losers. You know, since you and I are sitting here talking today, I don’t know to what extent cryptocurrencies will take off. Are we going to say in five years that it was a fad and not a big deal? Or will it be extremely mainstream? “
The boss wants the credit card giant to be at the center of developments in the sector when digital assets become extremely mainstream. Kelly made the remarks while speaking with Alan Murray, CEO of Fortune, on the Leadership Next podcast. The Visa chief argued that in the midst of the crypto boom, the company would get the most out of the business opportunity.
“I’m not smart enough to know, but I’m smart enough to make sure our company is right in the thick of it today.”
Kelly stated that Visa is taking a new approach based on the movement of money. According to his statement, payments are no longer the sole goal of the company.
“When it starts and we can get our fair share or more of the volume because we think it could potentially become a big deal, we definitely want to be prepared for it and I think we’re off to a very good start laid down. ”
The Visa boss perceives cryptocurrencies in two different ways: Bitcoin (BTC) and fiat-supported digital currencies (stablecoins). In his opinion, the former is the digital replacement of gold. Regarding BTC, Kelly announced that Visa is in the process of enabling the purchase, while also working with some wallets to enable conversion to a fiat currency. On the other hand, the Visa boss anticipates that the latter will develop into viable payment options.